Prepare for your home-buying journey and secure your dream property
with these streamlined, step-by-step first-time home buyer guides.
West Virginia offers some of the lowest home values across the nation, with a median home price of $266,553 as of mid 2026. These values make it possible for even a first-time homebuyer to afford a property in the Mountain State.
Still, the home-buying process can feel daunting. Mortgages and appraisals and inspections, oh my! This guide provides first-time homebuyer tips and advice to help you prepare your finances and navigate the journey to homeownership with confidence.
So, what is a first-time homebuyer exactly? Generally speaking, you qualify as a first-time homebuyer if you have not owned a primary residence within the past three years. This definition also includes anyone who has only owned a home with a spouse, a principal residence that did not sit on a permanent foundation, or a previous property that did not comply with state or local building codes.
Why does this matter? If you meet one of these criteria, you may be eligible for first-time homebuyer benefits.
West Virginia offers several first-time homebuyer advantages that help reduce affordability barriers for those with low or moderate incomes. One such program is the West Virginia Housing Development Fund’s Homeownership Program, which allows you to finance up to 100% of the home price with a fixed-rate, 30-year mortgage. Or you may take advantage of one of the state’s down payment assistance programs, such as Movin’ Up, which serves buyers with incomes up to $171,120.
Local cities and counties also offer West Virginia first-time home-buying assistance programs for eligible buyers. For example, the Charleston Homebuyer Assistance Program provides a Home Blend option with forgivable loans for low- to moderate-income households. Martinsburg’s Homebuyer Assistance Program offers deferred, no-interest loans that are forgiven after five years of residence. The City of Parkersburg may provide up to $15,000 in forgivable down payment assistance, as well.
When buying your first home, it’s a good idea to ask your loan officer about these state and regional programs during your application.
Recommended: West Virginia First-Time Home-Buying Assistance Programs
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Buying a home for the first time involves a series of financial decisions and tasks. These 11 steps for first-time homebuyers will show you how to prepare your budget, secure a home loan, make an offer, and protect your investment.
The first step in how to buy a house for the first time is evaluating your finances. This way, you can ensure that you’re stable enough to handle the responsibilities of homeownership. Lenders check your income stability along with your credit history and debt-to-income (DTI) ratio to determine your eligibility and loan options.
The minimum credit score needed for a conventional mortgage loan is typically 620, though you may qualify for a government-backed FHA loan with a score as low as 500. You’ll want a DTI ratio below 43% for conventional loans, but again some lenders may allow it to be as high as 49%. If your credit score and DTI ratio aren’t where you’d like them to be, take some months to work on building a stronger credit profile.
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Before you begin viewing properties online, you’ll need to determine both your maximum home price and your comfort zone for monthly payments. A home affordability calculator can help you estimate these figures based on your income and debts.
Your savings will have to cover upfront costs like your down payment and closing fees. Conventional loans allow down payments as low as 3% of the purchase price for qualified individuals, but putting down 20% can help you avoid paying private mortgage insurance (PMI). Government-backed mortgages like FHA and VA loans sometimes require no down payment from eligible borrowers. A down payment calculator may be useful for figuring out which of these options would work best for your situation.
You’ll also need to account for ongoing housing costs, including your monthly mortgage payment, property tax, homeowners insurance, any homeowners association (HOA) dues, utilities, and maintenance. If you are planning to move from another state, it’s a good idea to check the local cost of living, since the cost of groceries and utilities can vary quite a bit by area. Finally, it’s smart to factor in moving expenses, furniture, and other one-time outlays.
Choosing the right type of mortgage loan can help you fund your home purchase. There are several conventional and government-backed loan products, each of which has specific eligibility guidelines and terms:
Interest rates and fees vary among mortgage lenders, so comparing offers helps you find the best possible offer. As you shop around, pay attention to the APR (the annual percentage rate), which includes your interest rate plus lender fees and discount points. This gives you a clearer picture of your borrowing costs.
There’s a big difference between prequalification and preapproval. Prequalification relies on unverified financial details to give you a basic estimate of your borrowing power. Lenders perform a soft credit pull during this process, which typically doesn’t affect your credit score. You can get prequalified with multiple lenders as you shop around for mortgages.
The mortgage preapproval process, on the other hand, requires you to submit documentation such as tax returns, pay stubs, and bank statements. A formal preapproval letter shows sellers that you can secure financing for the purchase, helping you compete in active real estate markets. Preapproval involves a hard credit pull that can impact your credit score.
First-time buyers will want to find an experienced real estate agent to guide them through the process and paperwork. These pros can tailor your home search to your needs by filtering out properties that do not meet your criteria. Agents can also access “whisper” listings and preview homes on your behalf.
Note that recent industry changes have affected how real estate agents get paid. Be sure you understand your agent’s commission structure before signing an agreement.
Once you’ve secured a preapproval letter and an agent, it’s time to start viewing properties. You’ll want to consider much more than just what style of home you want. Research daily commute times, local school districts, and neighborhood noise levels.
During your search, it’s also important to understand your rights as a homebuyer. The Fair Housing Act prohibits housing discrimination based on race, nationality, religion, sex, and family status.
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When you find the home you love, it’s time to submit a formal offer letter. Also known as a purchase agreement, the letter is a legal document that includes your proposed purchase price, contingencies, and closing timeline. Contingencies are conditions that must be met to finalize the sale, such as passing a home inspection and securing final loan approval.
The seller may accept your terms, reject the bid, or submit a counter offer. If the seller accepts your offer, you’ll provide an earnest money deposit and move into the formal contract stage.
Once you’ve made your offer, you’ll want to get a professional home inspection, which is meant to reveal any hidden problems before you complete the purchase. Home inspectors examine the roof, foundation, plumbing, electrical systems, and every accessible area, including crawl spaces and attics.
A standard home inspection usually costs $300-$500. Compare local quotes and check specific lender inspection rules. If the inspection turns up serious issues, you can ask the seller to make repairs or give you a repair credit, resubmit a counter offer with a lower price, or even retract your offer.
People often confuse the inspection and the appraisal. While the inspection protects the buyer from expensive hidden problems, the appraisal protects the lender from loaning more than the home is worth.
The appraisal process establishes the property’s official market value. Your lender will order this service through a random selection process to ensure objectivity. As the homebuyer, you will be responsible for paying the appraisal fee, which ranges from $300 to $600.
Finally, you’ll attend the closing meeting to sign the final paperwork. You’ll need to provide proof of homeowners insurance, including coverage for environmental hazards common to the area, before signing the contract. An escrow agent will coordinate the settlement funds and record your new deed. Once you’ve reviewed the closing disclosure document to check your final loan fees and signed the legal papers, you’ll officially complete the transaction and get the keys to your new home.
An online calculator can be a big help in comparing home equity loan rates and terms. And it’s not the only calculator you’ll find helpful during your home equity loan process:
Punch in your home loan amount and a interest rate, and we’ll estimate your payoff date.
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
You can focus on moving into your new home once closing is complete. A first-time homebuyer checklist can help you get organized. Consider these tasks:
Buying your first home in West Virginia is an exciting milestone, but it requires careful planning. State assistance programs can help you overcome common affordability barriers. An experienced buyer’s agent can be an invaluable guide throughout the process. And shopping around for a mortgage lender can ensure you find the best available deal on a mortgage loan.
To buy your first home, you’ll need enough cash to cover your down payment and closing costs. Down payments for conventional loans range from 3% to 20%, though some government-backed mortgages don’t require any down payment at all. Closing costs are typically between 2% and 5% of the loan amount. When planning your monthly budget, account for not just mortgage payments, but also property tax, homeowners insurance, any homeowners association (HOA) dues, and ongoing maintenance.
Conventional mortgages for first-time homebuyers typically require a credit score of 620 or higher. FHA loans allow for a 580 credit score with a 3.5% down payment, or a 500 score with a 10% down payment.
The most common mortgage is called a conventional loan, which requires a down payment of as little as 3% of the purchase price. If your credit score is below 600, FHA loans are an affordable option. And VA loans, which have no down payment requirement, are a good value for veterans, active military, and eligible surviving spouses.
The 30/30/3 guideline suggests spending no more than 30% of your gross income on housing costs, including your mortgage payment, property tax, and homeowners insurance. It also advises having 30% of the home value saved in cash for a down payment and buffer. Finally, it recommends that the total home price not exceed three times your annual gross income.
A first-time buyer is generally someone who has not owned a principal residence within the past three years. Assistance programs typically require that the buyer’s future home be their primary residence. Borrowers also need to meet lender criteria for credit score, income stability, and debt-to-income ratio and may need to attend a homebuyer education course.
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Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
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*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
This article is not intended to be legal advice. Please consult an attorney for advice.Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
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